10-Q 1 vishayintertech_10q.htm QUARTERLY REPORT
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

FORM 10-Q

(Mark One)

☒
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended           April 2, 2022

☐
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from _______ to _______

Commission File Number 001-07416

Vishay Intertechnology, Inc.
(Exact name of registrant as specified in its charter)

Delaware
  
38-1686453
(State or Other Jurisdiction of Incorporation)
  
(I.R.S. Employer Identification Number)
     
63 Lancaster Avenue
Malvern, Pennsylvania 19355-2143
  
610-644-1300
(Address of Principal Executive Offices)
  
(Registrant’s Area Code and Telephone Number)

Securities registered pursuant to Section 12(b) of the Act:
       
 
Title of each class
Trading symbol
Name of exchange on which registered
  
 
Common stock, par value $0.10 per share
VSH
New York Stock Exchange LLC
  

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. ☒ Yes  ☐ No

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (section 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files.)
☒Yes  ☐ No

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company.  See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and "emerging growth company" in Rule 12b-2 of the Exchange Act.

 
Large Accelerated Filer ☒
Accelerated filer ☐
 
Non-accelerated filer ☐
Smaller reporting company ☐
 
Emerging growth company ☐
  

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).
☐ Yes  ☒ No

As of April 29, 2022 the registrant had 131,925,957 shares of its common stock (excluding treasury shares) and 12,097,148 shares of its Class B common stock outstanding.





















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2

VISHAY INTERTECHNOLOGY, INC.
FORM 10-Q
April 2, 2022
CONTENTS

       
Page Number
   
         
     
         
     
         
     
         
     
         
     
         
     
         
     
         
   
         
   
         
   
         
   
         
   
         
   
         
   
         
   
         
   
         
   
         
   
         
     
3


PART I  - FINANCIAL INFORMATION

Item 1. Financial Statements

VISHAY INTERTECHNOLOGY, INC.
Consolidated Condensed Balance Sheets
(In thousands)

   
April 2, 2022
    
December 31, 2021
  
   
(Unaudited)
        
Assets
            
Current assets:
            
Cash and cash equivalents
  
$
789,248
    
$
774,108
  
Short-term investments
    
96,561
      
146,743
  
Accounts receivable, net
    
418,288
      
396,458
  
Inventories:
                
Finished goods
    
159,909
      
147,293
  
Work in process
    
251,722
      
226,496
  
Raw materials
    
191,256
      
162,711
  
Total inventories
    
602,887
      
536,500
  
                 
Prepaid expenses and other current assets
    
163,227
      
156,689
  
Total current assets
    
2,070,211
      
2,010,498
  
                 
Property and equipment, at cost:
                
Land
    
74,237
      
74,646
  
Buildings and improvements
    
642,097
      
639,879
  
Machinery and equipment
    
2,775,615
      
2,758,262
  
Construction in progress
    
129,268
      
145,828
  
Allowance for depreciation
    
(2,650,810
)
    
(2,639,136
)
Property and equipment, net
    
970,407
      
979,479
  
                 
Right of use assets
    
114,094
      
117,635
  
                 
Deferred income taxes
     93,497       95,037  
                 
Goodwill
    
165,032
      
165,269
  
                 
Other intangible assets, net
    
65,546
      
67,714
  
                 
Other assets
    
101,382
      
107,625
  
Total assets
  
$
3,580,169
    
$
3,543,257
  

Continues on following page.
4

VISHAY INTERTECHNOLOGY, INC.
Consolidated Condensed Balance Sheets (continued)
(In thousands)

   
April 2, 2022
    
December 31, 2021
  
   
(Unaudited)
        
Liabilities and equity
            
Current liabilities:
            
Trade accounts payable
  
$
235,755
    
$
254,049
  
Payroll and related expenses
    
156,012
      
162,694
  
Lease liabilities
    
23,080
      
23,392
  
Other accrued expenses
    
210,531
      
218,089
  
Income taxes
    
51,005
      
35,443
  
Total current liabilities
    
676,383
      
693,667
  
                 
Long-term debt less current portion
    
456,484
      
455,666
  
U.S. transition tax payable
    
110,681
      
110,681
  
Deferred income taxes
    
71,435
      
69,003
  
Long-term lease liabilities
    
96,272
      
99,987
  
Other liabilities
    
93,261
      
95,861
  
Accrued pension and other postretirement costs
    
259,531
      
271,672
  
Total liabilities
    
1,764,047
      
1,796,537
  
                 
Equity:
                
Vishay stockholders' equity
                
Common stock
    
13,290
      
13,271
  
Class B convertible common stock
    
1,210
      
1,210
  
Capital in excess of par value
    
1,349,552
      
1,347,830
  
Retained earnings
    
490,776
      
401,694
  
   Treasury stock (at cost)
     (9,873)       -  
Accumulated other comprehensive income (loss)
    
(32,177)
    
(20,252)
  
Total Vishay stockholders' equity
    
1,812,778
      
1,743,753
  
Noncontrolling interests
    
3,344
      
2,967
  
Total equity
    
1,816,122
      
1,746,720
  
Total liabilities and equity
  
$
3,580,169
    
$
3,543,257
  

See accompanying notes.
5

VISHAY INTERTECHNOLOGY, INC.
Consolidated Condensed Statements of Operations
(Unaudited - In thousands, except per share amounts)

   
Fiscal quarters ended
  
   
April 2, 2022
    
April 3, 2021
  
             
Net revenues
  
$
853,793
    
$
764,632
  
Costs of products sold
    
594,685
      
561,683
  
Gross profit
    
259,108
      
202,949
  
                 
Selling, general, and administrative expenses
    
112,855
      
105,685
  
Operating income
    
146,253
      
97,264
  
                 
Other income (expense):
                
Interest expense
    
(4,222
)
    
(4,376
)
Other
    
(5,751
)
    
(5,731
)
Total other income (expense)
    
(9,973
)
    
(10,107
)
                 
Income before taxes
    
136,280
      
87,157
  
                 
Income tax expense
    
32,330
      
15,514
  
                 
Net earnings
    
103,950
      
71,643
  
                 
Less: net earnings attributable to noncontrolling interests
    
377
      
208
  
                 
Net earnings attributable to Vishay stockholders
  
$
103,573
    
$
71,435
  
                 
Basic earnings per share attributable to Vishay stockholders
  
$
0.71
    
$
0.49
  
                 
Diluted earnings per share attributable to Vishay stockholders
  
$
0.71
    
$
0.49
  
                 
Weighted average shares outstanding - basic
    
145,053
      
144,968
  
                 
Weighted average shares outstanding - diluted
    
145,553
      
145,463
  
                 
Cash dividends per share
  
$
0.100
    
$
0.095
  

See accompanying notes.
6

VISHAY INTERTECHNOLOGY, INC.
Consolidated Statements of Comprehensive Income
(Unaudited - In thousands)

   
Fiscal quarters ended
  
   
April 2, 2022
    
April 3, 2021
  
             
Net earnings
  
$
103,950
    
$
71,643
  
                 
Other comprehensive income (loss), net of tax
                
                 
Pension and other  post-retirement actuarial items
    
1,559
      
1,864
  
                 
Foreign currency translation adjustment
    
(13,484
)
    
(26,949)
  
                 
Other comprehensive income (loss)
    
(11,925
)
    
(25,085)
  
                 
Comprehensive income
    
92,025
      
46,558
  
                 
Less: comprehensive income attributable to noncontrolling interests
    
377
      
208
  
                 
Comprehensive income attributable to Vishay stockholders
  
$
91,648
    
$
46,350
  

See accompanying notes.
7

VISHAY INTERTECHNOLOGY, INC.
Consolidated Condensed Statements of Cash Flows
(Unaudited - In thousands)

   
Three fiscal months ended
  
   
April 2, 2022
    
April 3, 2021
  
             
Operating activities
            
Net earnings
  
$
103,950
    
$
71,643
  
Adjustments to reconcile net earnings to net cash provided by operating activities:
                
Depreciation and amortization
    
40,650
      
42,146
  
(Gain) loss on disposal of property and equipment
    
(59
)
    
(177
)
Inventory write-offs for obsolescence
    
5,825
      
4,784
  
Deferred income taxes
    
2,347
      
901
  
Other
    
8,816
      
5,728
  
Net change in operating assets and liabilities
    
(127,944
)
    
(67,703
)
Net cash provided by operating activities
    
33,585
      
57,322
  
                 
Investing activities
                
Capital expenditures
    
(35,909
)
    
(28,527
)
Proceeds from sale of property and equipment
    
72
      
200
  
Purchase of short-term investments
    
(7,753
)
    
(12,853
)
Maturity of short-term investments
    
56,674
      
29,519
  
Other investing activities
    
(199
)
    
347
  
Net cash provided by (used in) investing activities
    
12,885
      
(11,314
)
                 
Financing activities
                
Repurchase of convertible debt instruments
    
-
      
(300
)
Dividends paid to common stockholders
    
(13,259
)
    
(12,608
)
Dividends paid to Class B common stockholders
    
(1,210
)
    
(1,149
)
Repurchase of common stock held in treasury
     (9,873 )     -
  
Cash withholding taxes paid when shares withheld for vested equity awards
    
(2,123
)
    
(1,963
)
Net cash used in financing activities
    
(26,465
)
    
(16,020
)
Effect of exchange rate changes on cash and cash equivalents
    
(4,865
)
    
(6,015
)
                 
Net increase in cash and cash equivalents
    
15,140
      
23,973
  
                 
Cash and cash equivalents at beginning of period
    
774,108
      
619,874
  
Cash and cash equivalents at end of period
  
$
789,248
    
$
643,847
  

See accompanying notes.
8

VISHAY INTERTECHNOLOGY, INC.
Consolidated Condensed Statements of Equity
(Unaudited - In thousands, except share and per share amounts)

   
Common Stock
    
Class B Convertible Common Stock
    
Capital in Excess of Par Value
    
Retained Earnings
     Treasury Stock
    
Accumulated Other Comprehensive Income (Loss)
    
Total Vishay Stockholders' Equity
    
Noncontrolling Interests
    
Total Equity
  
Balance at December 31, 2020
  
$
13,256
    
$
1,210
    
$
1,409,200
    
$
138,990
     $ -    
$
13,559
    
$
1,576,215
    
$
2,800
    
$
1,579,015
  
Cumulative effect of accounting change for adoption of ASU 2020-06
     -      
-
      
(66,078
)
     20,566       -      
-
      
(45,512
)
    
-
      
(45,512
)
Net earnings
     -       -       -       71,435       -
       -      
71,435
      
208
       71,643  
Other comprehensive income (loss)
     -
       -
       -       -       -      
(25,085
)
    
(25,085
)
    
-
      
(25,085
)
Issuance of stock and related tax withholdings for vested restricted stock units (149,722 shares)
    
15
       -       (1,978 )    
-
       -      
-
      
(1,963
)
    
-
      
(1,963
)
Dividends declared ($0.095 per share)
    
-
      
-

       20      
(13,777
)
     -      
-
      
(13,757
)
    
-
      
(13,757
)
Stock compensation expense
    
-
       -
       4,120      
-
       -      
-
      
4,120
      
-
      
4,120
  
Balance at April 3, 2021
  
$
13,271
    
$
1,210
    
$
1,345,284
    
$
217,214
     $ -    
$
(11,526
)
  
$
1,565,453
    
$
3,008
    
$
1,568,461
  
                                                                         
Balance at December 31, 2021
  
$
13,271
    
$
1,210
    
$
1,347,830
    
$
401,694
     $ -
    
$
(20,252
)
  
$
1,743,753
    
$
2,967
    
$
1,746,720
  
Net earnings
    
-
      
-
      
-
      
103,573
       -      
-
      
103,573
      
377
      
103,950
  
Other comprehensive income (loss)
    
-
      
-
      
-
      
-
       -      
(11,925
)
    
(11,925
)
    
-
      
(11,925
)
Issuance of stock and related tax withholdings for vested restricted stock units (189,731 shares)
    
19
      
-
      
(2,142
)
    
-
       -      
-
      
(2,123
)
    
-
      
(2,123
)
Dividends declared ($0.100 per share)
    
-
      
-
      
22
      
(14,491
)
     -      
-
      
(14,469
)
    
-
      
(14,469
)
Stock compensation expense
    
-
      
-
      
3,842
      
-
       -      
-
      
3,842
      
-
      
3,842
  
Repurchase of common stock held in treasury (513,227 shares)
     -       -       -       -       (9,873 )     -       (9,873 )     -       (9,873 )
Balance at April 2, 2022  
$
13,290
    
$
1,210
    
$
1,349,552
    
$
490,776
     $ (9,873 )  
$
(32,177
)
  
$
1,812,778
    
$
3,344
    
$
1,816,122
  

See accompanying notes.

9
NOTES TO THE CONSOLIDATED CONDENSED FINANCIAL STATEMENTS
(dollars in thousands, except per share amounts)
Note 1 – Basis of Presentation

The accompanying unaudited consolidated condensed financial statements of Vishay Intertechnology, Inc. (“Vishay” or the “Company”) have been prepared in accordance with the instructions to Form 10-Q and therefore do not include all information and footnotes necessary for presentation of financial position, results of operations, and cash flows required by accounting principles generally accepted in the United States (“GAAP”) for complete financial statements. The information furnished reflects all normal recurring adjustments which are, in the opinion of management, necessary for a fair summary of the financial position, results of operations, and cash flows for the interim periods presented.  The financial statements should be read in conjunction with the consolidated financial statements filed with the Company’s Annual Report on Form 10-K for the year ended December 31, 2021.  The results of operations for the three fiscal months ended April 2, 2022 are not necessarily indicative of the results to be expected for the full year.

The Company reports interim financial information for 13-week periods beginning on a Sunday and ending on a Saturday, except for the first fiscal quarter, which always begins on January 1, and the fourth fiscal quarter, which always ends on December 31.  The four fiscal quarters in 2022 end on April 2, 2022, July 2, 2022, October 1, 2022, and December 31, 2022, respectively.  The four fiscal quarters in 2021 ended on April 3, 2021, July 3, 2021, October 2, 2021, and December 31, 2021, respectively. 

Reclassifications

Certain prior period amounts have been reclassified to conform to the current financial statement presentation.

10
NOTES TO THE CONSOLIDATED CONDENSED FINANCIAL STATEMENTS
(dollars in thousands, except per share amounts)

Note 2 – Leases

The net right of use assets and lease liabilities recognized on the consolidated condensed balance sheets for the Company's operating leases were as follows:


 
April 2, 2022
    
December 31, 2021
  
Right of use assets
            
Operating Leases
            
Buildings and improvements
  
$
109,682
    
$
112,951
  
Machinery and equipment
    
4,412
      
4,684
  
Total
  
$
114,094
    
$
117,635
  
Current lease liabilities
                
Operating Leases
                
Buildings and improvements
  
$
20,655
    
$
20,851
  
Machinery and equipment
    
2,425
      
2,541
  
Total
  
$
23,080
    
$
23,392
  
Long-term lease liabilities
                
Operating Leases
                
Buildings and improvements
  
$
94,333
    
$
97,890
  
Machinery and equipment
    
1,939
      
2,097
  
Total
  
$
96,272
    
$
99,987
  
Total lease liabilities
  
$
119,352
    
$
123,379
  

Lease expense is classified in the statements of operations based on asset use.  Total lease cost recognized on the consolidated condensed statements of operations is as follows:


Fiscal quarters ended
  
 
April 2, 2022
  
April 3, 2021
  
Lease expense
        
Operating lease expense
  
$
6,452
    
$
6,152
  
Short-term lease expense
    
304
      
325
  
Variable lease expense
    
100
      
127
  
Total lease expense
  
$
6,856
    
$
6,604
  

The Company paid $6,332 and $6,161 for its operating leases in the three fiscal months ended April 2, 2022 and April 3, 2021, respectively, which are included in operating cash flows on the consolidated condensed statements of cash flows. The weighted-average remaining lease term for the Company's operating leases is 8.7 years and the weighted-average discount rate is 5.4% as of April 2, 2022.

The undiscounted future lease payments for the Company's operating lease liabilities are as follows:


 
April 2, 2022
  
2022 (excluding the three fiscal months ended April 2, 2022)
  
$
17,794
  
2023
    
22,072
  
2024
    
19,910
  
2025
    
17,388
  
2026
    
15,868
  
Thereafter
    
57,407
  

The undiscounted future lease payments presented in the table above include payments through the term of the lease, which may include periods beyond the noncancellable term. The difference between the total payments above and the lease liability balance is due to the discount rate used to calculate lease liabilities.

11
NOTES TO THE CONSOLIDATED CONDENSED FINANCIAL STATEMENTS
(dollars in thousands, except per share amounts)

Note 3 – Income Taxes

The provision for income taxes consists of provisions for federal, state, and foreign income taxes.  The effective tax rates for the periods ended April 2, 2022 and April 3, 2021 reflect the Company’s expected tax rate on reported income before income tax and tax adjustments. The Company operates in a global environment with significant operations in various jurisdictions outside the United States. Accordingly, the consolidated income tax rate is a composite rate reflecting the Company’s earnings and the applicable tax rates in the various jurisdictions where the Company operates. 

During the three fiscal months ended April 2, 2022, the liabilities for unrecognized tax benefits decreased by $3,047 on a net basis, primarily due to a payment and currency translation adjustments, partially offset by accruals for current year tax positions and interest.

Note 4 – Long-Term Debt

Long-term debt consists of the following:

 
April 2, 2022
    
December 31, 2021
  
             
Credit facility
  
$
-
    
$
-
  
Convertible senior notes, due 2025
    
465,344
      
465,344
  
Deferred financing costs
    
(8,860
)
    
(9,678
)
     
456,484
      
455,666
  
Less current portion
    
-
      
-
  
   
$
456,484
    
$
455,666
  

The following table summarizes some key facts and terms regarding the outstanding convertible senior notes due 2025 as of April 2, 2022:

 
Convertible
Senior Notes
Due 2025
  
Issuance date
  
June 12, 2018
  
Maturity date
  
June 15, 2025
  
Principal amount as of April 2, 2022
  
$
465,344
  
Cash coupon rate (per annum)
    
2.25
%
Nonconvertible debt borrowing rate at issuance (per annum)
    
5.50
%
Conversion rate effective March 16, 2022 (per $1 principal amount)
    
31.9749
  
Effective conversion price effective March 16, 2022 (per share)
  
$
31.27
  
130% of the current effective conversion price (per share)
  
$
40.65
  

Prior to December 15, 2024, the holders of the convertible senior notes due 2025 may convert their notes only under the following circumstances: (1) the sale price of Vishay common stock reaches 130% of the conversion price for a specified period; (2) the trading price of the notes falls below 98% of the product of the sale price of Vishay's common stock and the conversion rate for a specified period; or (3) upon the occurrence of specified corporate transactions.  The convertible senior notes due 2025 are not currently convertible.

Upon conversion of the convertible senior notes due 2025, Vishay will satisfy its conversion obligations by paying $1 cash per $1 principal amount of converted notes and settle any additional amounts due in common stock.

The quarterly cash dividend program of the Company results in adjustments to the conversion rate and effective conversion price for the convertible senior notes due 2025 effective as of the ex-dividend date of each cash dividend.  The conversion rate and effective conversion price for the convertible senior notes due 2025 is adjusted for quarterly cash dividends to the extent such dividends exceed $0.085 per share of common stock.


12
NOTES TO THE CONSOLIDATED CONDENSED FINANCIAL STATEMENTS
(dollars in thousands, except per share amounts)
Note 5 - Stockholders' Equity

On February 7, 2022, the Company's Board of Directors adopted a Stockholder Return Policy that will remain in effect until such time as the Board votes to amend or rescind the policy.  The Stockholder Return Policy calls for the Company to return a prescribed amount of cash flows on an annual basis. The Company intends to return such amounts directly, in the form of dividends, or indirectly, in the form of stock repurchases.

The following table summarizes activity pursuant to this policy:

   
Fiscal quarter ended
  
   
April 2, 2022
  
Dividends paid to stockholders
    $
14,469
  
Stock repurchases
    
9,873
  
Total
    $
24,342
  

The repurchased shares are being held as treasury stock. The Company records treasury stock at cost, inclusive of fees, commissions and other expenses, when outstanding common shares are repurchased.  As of December 31, 2021, no shares of common stock were held as treasury stock.  As of April 2, 2022, 513,227 shares of common stock are being held as treasury stock.

Note 6 – Revenue Recognition

Sales returns and allowances accrual activity is shown below:

   
Fiscal quarters ended
  
   
April 2, 2022
    
April 3, 2021
  
Beginning balance
  
$
39,759
    
$
39,629
  
Sales allowances
    
27,377
      
23,796
  
Credits issued
    
(27,726
)
    
(28,446
)
Foreign currency
    
(249
)
    
(530)
  
Ending balance
  
$
39,161
    
$
34,449
  

See disaggregated revenue information in Note 10.

Note 7 – Accumulated Other Comprehensive Income (Loss)

The cumulative balance of each component of other comprehensive income (loss) and the income tax effects allocated to each component are as follows:

 
Pension and
other post-
retirement
actuarial
items
    
Currency
translation
adjustment
    
Total
  
Balance at January 1, 2022
  
$
(58,908
)
  
$
38,656
    
$
(20,252
)
Other comprehensive income before reclassifications
    
-
      
(13,484
)
  
$
(13,484
)
Tax effect
    
-
      
-
    
$
-
  
Other comprehensive income before reclassifications, net of tax
    
-
      
(13,484
)
  
$
(13,484
)
Amounts reclassified out of AOCI
    
2,178
      
-
    
$
2,178
  
Tax effect
    
(619
)
    
-
    
$
(619
)
Amounts reclassified out of AOCI, net of tax
    
1,559
      
-
    
$
1,559
  
Net other comprehensive income
  
$
1,559
    
$
(13,484
)
  
$
(11,925
)
Balance at April 2, 2022
  
$
(57,349
)
  
$
25,172
    
$
(32,177
)

Reclassifications of pension and other post-retirement actuarial items out of AOCI are included in the computation of net periodic benefit cost.  See Note 8 for further information.
13
NOTES TO THE CONSOLIDATED CONDENSED FINANCIAL STATEMENTS
(dollars in thousands, except per share amounts)
Note 8 – Pensions and Other Postretirement Benefits

The Company maintains various retirement benefit plans. The service cost component of net periodic pension cost is classified in costs of products sold or selling, general, and administrative expenses on the consolidated condensed statements of operations based on the respective employee's function.  The other components of net periodic pension cost are classified as other expense on the consolidated condensed statements of operations.

Defined Benefit Pension Plans

The following table shows the components of the net periodic pension cost for the first fiscal quarters of 2022 and 2021 for the Company’s defined benefit pension plans:

 
Fiscal quarters ended
April 2, 2022
    
Fiscal quarters ended
April 3, 2021
  
   
U.S. Plans
    
Non-U.S.
Plans
    
U.S. Plans
    
Non-U.S.
Plans
  
                         
Net service cost
  
$
-
    
$
1,117
    
$
-
    
$
1,190
  
Interest cost
    
280
      
852
      
254
      
754
  
Expected return on plan assets
    
-
      
(460
)
    
-
      
(417
)
Amortization of prior service cost
    
36
      
56
      
36
      
51
  
Amortization of losses
    
427
      
1,271
      
447
      
1,884
  
Curtailment and settlement losses
    
-
      
279
      
-
      
199
  
Net periodic benefit cost
  
$
743
    
$
3,115
    
$
737
    
$
3,661
  


Other Postretirement Benefits

The following table shows the components of the net periodic benefit cost for the first fiscal quarters of 2022 and 2021 for the Company’s other postretirement benefit plans:

   
Fiscal quarters ended
April 2, 2022
    
Fiscal quarters ended
April 3, 2021
  
   
U.S. Plans
    
Non-U.S.
Plans
    
U.S. Plans
    
Non-U.S.
Plans
  
                         
Service cost
  
$
10
    
$
63
    
$
25
    
$
71
  
Interest cost
    
45
      
15
      
41
      
11
  
Amortization of losses (gains)
    
86
      
23
      
13
      
29
  
Net periodic benefit cost
  
$
141
    
$
101
    
$
79
    
$
111
 
14
NOTES TO THE CONSOLIDATED CONDENSED FINANCIAL STATEMENTS
(dollars in thousands, except per share amounts)
Note 9 – Stock-Based Compensation

The following table summarizes stock-based compensation expense recognized:

   
Fiscal quarters ended
  
   
April 2, 2022
    
April 3, 2021
  
             
Restricted stock units ("RSUs")
  
$
3,620
    
$
3,911
  
Phantom stock units
    
222
      
209
  
Total
  
$
3,842
    
$
4,120
  

The following table summarizes unrecognized compensation cost and the weighted average remaining amortization periods at April 2, 2022 (amortization periods in years):

 
Unrecognized
Compensation
Cost
    
Weighted
Average
Remaining
Amortization
Periods
  
             
Restricted stock units
  
$
5,943
      
1.0
  
Phantom stock units
    
-
      
n/a
  
Total
  
$
5,943
          



15
Restricted Stock Units

RSU activity under the Company's 2007 Stock Incentive Program (the "2007 Program") as of April 2, 2022 and changes during the three fiscal months then ended are presented below (number of RSUs in thousands):

 
Number of
RSUs
    
Weighted
Average
Grant-date
Fair Value per
Unit
  
Outstanding:
            
January 1, 2022
    
877
    
$
20.08
  
Granted
    
336
      
19.13
  
Vested*
    
(294
)
    
20.04
  
Cancelled or forfeited
    
-
      
-
  
Outstanding at April 2, 2022
    
919
    
$
19.75
  
                 
Expected to vest at April 2, 2022
    
905
          
* The number of RSUs vested includes shares that the Company withheld on behalf of employees to satisfy the statutory tax withholding requirements.

The number of performance-based RSUs that are scheduled to vest increases ratably based on the achievement of defined performance criteria between the established target and maximum levels.  RSUs with performance-based vesting criteria are expected to vest as follows (number of RSUs in thousands):

Vesting Date
  
Expected
to Vest
    
Not Expected
to Vest
    
Total
  
January 1, 2023
    
152
      
-
      
152
  
January 1, 2024
    
165
      
-
      
165
  
January 1, 2025
    
168
      
-
      
168
  

Phantom Stock Units

Phantom stock unit activity under the 2007 Program as of April 2, 2022 and changes during the three fiscal months then ended are presented below (number of phantom stock units in thousands):

 
Number of
units
    
Grant-date
Fair Value per
Unit
  
Outstanding:
            
January 1, 2022
    
212
        
Granted
    
10
    
$
22.20
  
Dividend equivalents issued
    
1
          
Outstanding at April 2, 2022
    
223
          
16
NOTES TO THE CONSOLIDATED CONDENSED FINANCIAL STATEMENTS
(dollars in thousands, except per share amounts)

Note 10 – Segment Information

The following tables set forth business segment information:

   
MOSFETs
    
Diodes
    
Optoelectronic
Components
    
Resistors
    
Inductors
    
Capacitors
    
Total
  
Fiscal quarter ended April 2, 2022:
                                          
Net revenues
  
$
172,674
    
$
182,334
    
$
81,016
    
$
207,032
    
$
82,777
    
$
127,960
    
$
853,793
  
                                                         
Segment operating income
  
$
48,524
    
$
40,426
    
$
28,159
    
$
58,143
    
$
22,199
    
$
27,400
    
$
224,851
  
                                                         
Fiscal quarter ended April 3, 2021:
                                                        
Net revenues
  
$
153,223
    
$
157,178
    
$
77,771
    
$
186,602
    
$
83,458
    
$
106,400
    
$
764,632
  
                                                         
Segment operating income
  
$
27,207
    
$
28,821
    
$
21,210
    
$
47,376
    
$
25,290
    
$
18,863
    
$
168,767
  

   
Fiscal quarters ended
  
   
April 2, 2022
    
April 3, 2021
  
Reconciliation:
            
Segment Operating Income
  
$
224,851
    
$
168,767
  
Unallocated Selling, General, and Administrative Expenses
    
(78,598
)
    
(71,503
)
Consolidated Operating Income
  
$
146,253
    
$
97,264
  
Unallocated Other Income (Expense)
    
(9,973
)
    
(10,107
)
Consolidated Income Before Taxes
  
$
136,280
    
$
87,157
  

17
NOTES TO THE CONSOLIDATED CONDENSED FINANCIAL STATEMENTS
(dollars in thousands, except per share amounts)
The Company has a broad line of products that it sells to OEMs, EMS companies, and independent distributors. The distribution of sales by customer type is shown below:

   
Fiscal quarters ended
  
   
April 2, 2022
    
April 3, 2021
  
Distributors
  
$
497,869
    
$
424,125
  
OEMs
    
297,429
      
294,637
  
EMS companies
    
58,495
      
45,870
  
Total Revenue
  
$
853,793
    
$
764,632
  

Net revenues were attributable to customers in the following regions:

   
Fiscal quarters ended
  
   
April 2, 2022
    
April 3, 2021
  
Asia
  
$
344,012
    
$
322,460
  
Europe
    
289,984
      
268,323
  
Americas
    
219,797
      
173,849
  
Total Revenue
  
$
853,793
    
$
764,632
  

The Company generates substantially all of its revenue from product sales to end customers in the industrial, automotive, telecommunications, computing, consumer products, power supplies, military and aerospace, and medical end markets.  Sales by end market are presented below:

   
Fiscal quarters ended
  
   
April 2, 2022
    
April 3, 2021
  
Industrial
  
$
337,369
    
$
270,801
  
Automotive
    
259,501
      
255,973
  
Telecommunications
    
31,013
      
24,902
  
Computing
    
67,931
      
59,899
  
Consumer Products
    
38,708
      
40,795
  
Power Supplies
    
40,282
      
35,246
  
Military and Aerospace
    
46,498
      
41,538
  
Medical
    
32,491
      
35,478
  
Total revenue
  
$
853,793
    
$
764,632
  

18
NOTES TO THE CONSOLIDATED CONDENSED FINANCIAL STATEMENTS
(dollars in thousands, except per share amounts)
Note 11 – Earnings Per Share

The following table sets forth the computation of basic and diluted earnings per share attributable to Vishay stockholders (shares in thousands):

   
Fiscal quarters ended
  
   
April 2, 2022
    
April 3, 2021
  
             
Numerator:
            
Net earnings attributable to Vishay stockholders
  
$
103,573
    
$
71,435
  
                 
Denominator:
                
Denominator for basic earnings per share:
                
Weighted average shares
    
144,832
      
144,760
  
Outstanding phantom stock units
    
221
      
208
  
Adjusted weighted average shares - basic
    
145,053
      
144,968
  
                 
Effect of dilutive securities:
                
Convertible debt instruments
    
-
      
9
  
Restricted stock units
    
500
      
486
  
Dilutive potential common shares
    
500
      
495
  
                 
Denominator for diluted earnings per share:
                
Adjusted weighted average shares - diluted